The head of a municipal development company, who was facing prosecutorial questioning for allegedly taking bribes in a massive land development corruption scandal, was found dead in an apparent suicide, police said on Friday. Police discovered the body of Yoo Han-gi, head of the Pocheon Urban Corp., who was reported missing by his family early Friday near his home in Goyang, Gyeonggi Province. Yoo reportedly left home after leaving behind a will. Earlier this week, prosecutors requested an ar

Carmakers in South Korea -- Hyundai Motor and GM Korea -- appear to be concerned as hardline union leader came back to negotiation tables, amid prevailing uncertainties at manufacturing facilities hit by the pandemic and supply crunch woes.  According to Hyundai Motor branch of Korean Metal Workers’ Union, Ahn Hyun-ho has received 53.3 percent of approval from some 48,000 member union to reign over the country’s one of the most powerful unions from next year for two years. In 1

South Korean stocks ended their seven-session winning streak on Friday as investor sentiment was hurt by concerns that the latest spike in COVID-19 cases could sap an economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 19.34 points, or 0.64 percent, to close at 3,010.23 points. Trading volume was moderate at about 444 million shares worth some 8.1 trillion won ($6.9 billion), with gainers outnumbering losers 418 to 4

Five of Hyundai Motor Group’s affiliates have been listed on the Dow Jones Sustainability Index, three of which were added for the first time.  Hyundai Engineering & Construction and Hyundai Steel have been recognized on the world’s first sustainability index for 12 and four consecutive years, respectively.  Hyundai Motor, auto parts maker Hyundai Mobis and logistics company Hyundai Glovis were newly added this year. DJSI picks the top 2,544 listed companies based on

A high-school student and others filed a constitutional petition Friday against the government's plan to expand the COVID-19 vaccine pass program to teenagers next year. Starting February, the government plans to require not only adults but also children aged 12 to 18 to present COVID-19 vaccination or negative test certificates at multiuse facilities, including public study rooms and cram schools. The plan was announced last week along with toughened gathering restrictions amid the latest vir

South Korean steelmaker Posco Group’s plan to set up a holding company, Posco Holdings, was approved by the board Friday, buoying expectations that the steelmaker will extend its business areas to hydrogen fuel cells, advanced materials and renewable energy.  Under the plan, the group’s steelmaking arm will be physically split off and will be placed under the planned holding company. The envisioned holding company is expected to hold a 100 percent stake in the steelmaking

Krafton Inc., a South Korean gaming giant, said Friday that its global smash hit "PUBG: Battlegrounds" will be going free to play starting next month. The game will start a free-to-play mode on all platforms, including computers and consoles, on Jan. 12, 2022, to enable more people to enjoy the battle royale style game, Krafton said. The global-hit game, in which users fight to remain the last person alive, launched in 2017 as a paid game. It has quickly gained global popularity, s

South Korea has successfully conducted key performance tests of a homegrown ship-based guided missile ahead of its deployment next year, the state-run defense quality assessment agency and Navy officials said Friday. The Defense Agency for Technology and Quality (DTaQ) said that the missile, called the Haegung, hit the intended target in two tests, one conducted on Wednesday and one Friday. Haegung means sea bow in Korean. The missile is designed to intercept incoming missiles or shoot down

INCHEON -- Prosecutors sought a five-year prison sentence Friday for a former high school teacher charged with luring one of her students into having sex with her. The former teacher at a high school in Incheon, west of Seoul, was indicted on charges of sexually abusing the student by having sex with him multiple times between 2019 and 2020 when she was the student's homeroom teacher. In April this year, the Incheon District Court sentenced her to 1 1/2 years in prison, suspended for three yea

Hanwha Engineering and Construction Corp. has been picked as the preferred bidder for a project to build a new major sports and convention industry complex in southeastern Seoul, the city government announced Friday. Seoul aims to develop some 350,000 square meters around Jamsil Sports Complex in Seoul's southeastern Songpa Ward into a comprehensive commercial complex encompassing a wide range of sectors, including sports, MICE, culture and shopping through private investments. MICE refers to

South Korean boy group Monsta X released a new English-language album Friday for its international fans, the group's management agency said. The full-length album titled "The Dreaming" hit various music services at midnight, Starship Entertainment said. It is the group's second English album after "All Above Luv" released in February 2020. "This album will once again make us realize that all of us, some of whom have lost lots of things and some others have found hope

Police on Thursday transferred to the prosecution a man who recorded a video that created a controversy over the unsanitary conditions of a factory baking products for Dunkin’ Donuts. The Anyang Dongan Police Station in Gyeonggi Province has been investigating the worker who took the video of the factory in Anyang for suspicions of business obstruction after BR Korea, an affiliate of the SPC Group, which operates the donut chain, filed a complaint against him. The video stirred public u

South Korea's Defense Minister Suh Wook instructed senior military officials Friday to "strictly" maintain political neutrality ahead of next year's presidential poll, casting the armed forces as "the last bulwark of national defense." Suh made the remarks during a year-end meeting of top commanders from the Army, Air Force, Navy and Marine Corps, as the country's political parties are quickening their preparations for the March 9 presidential election. "I emphasize th

South Korea's Vice Chief of Naval Operations Vice Adm. Kim Jung-soo will be promoted to admiral and serve as top commander of the Navy as part of a regular reshuffle of generals and admirals, the defense ministry said Friday. Kim, 59, will replace Adm. Boo Suk-jong, who has led the Navy since April last year, in what is expected to be the last senior-level shakeup under the Moon Jae-in administration whose term is set to end in May. When he officially takes office, Kim is expected to face a s